Conformed Copy - C1976 - Forest Resource Management Project - Development Credit Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 1976 GH (Forest Resource Management Project) between REPUBLIC OF GHANA and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated February 16, 1989 CREDIT NUMBER 1976 GH DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated February 16, 1989, between REPUBLIC OF GHANA (the Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association). WHEREAS (A) the Association has received a letter, dated December 5, 1988, from the Borrower describing a program of actions, objectives and policies designed to achieve structural adjustment of the Borrower's forestry sector (hereinafter called the Program), declaring the Borrower's commitment to the execution of the Program, and requesting assistance from the Association in the financing of urgently needed imports required during such execution; (B) the Borrower, having satisfied itself as to the feasibility and priority of the Project described in Schedule 2 to this Agreement, has requested the Association to assist in the financing of the Project; Page 2 (C) the Borrower intends to contract from the Overseas Development Administration of the United Kingdom (ODA) a grant (the ODA Grant) in an amount of three million seven hundred thousand pounds sterling (